On November 17th, the Acting Administrator of the Office of the Comptroller of the Currency (OCC) of the U.S. Banking Regulatory Agency, Michael Hsu, stated at a financial technology conference hosted by the Federal Reserve Bank of Philadelphia on Tuesday that the federal agencies are about to issue a joint statement stating the “crypto sprint” ( Encryption sprint) the conclusion of the joint research project.
He hinted that the OCC, the Federal Reserve and the Federal Deposit Insurance Corporation have reached conclusions that are far from industry friendly. He said: These institutions are responding to encryption activities very carefully and adopt a highly cautious attitude.
Hsu also stated that the guidelines issued by the OCC during Trump’s administration should not be interpreted as encouraging banks to enter the crypto space. The OCC also intends to clarify the explanatory letter previously issued. He said that the upcoming version will clarify that security and robustness are the most important. OCC will proceed cautiously and let the banks maintain the same attitude.
Post time: Nov-17-2021